Short U.S. Market Update - July 8, 2026
So the Iran war is back to the table. But are we still bullish ? What about the peace deal #278 ?
The war with Iran flared up again overnight, Korea took another hard hit, and U.S. futures are red. So let me walk through what actually matters for today, level by level, and tell you where I have changed my mind.
The war got real again
Overnight the U.S. and Iran traded strikes for the second time since the June ceasefire, and this round was bigger. The U.S. hit Iranian targets around the Strait of Hormuz, Iran fired missiles and drones back at U.S. bases in Kuwait and Bahrain, and Kuwait says it shot down fifteen projectiles over its airspace. Then, at the NATO summit in Ankara, Trump said the quiet part out loud. He thinks the ceasefire is over and does not want to deal with Tehran anymore. That memorandum was the thing holding this together, and he walked away from it in front of the cameras. Oil jumped more than 6% on the headline.
I will come back to the war, because my take on it may surprise you. First, the levels.
Korea took the hit first, again
The KOSPI did the overnight selling for the second session running. It fell 5.35% to close at 7,246, down more than 400 points, and it is now pressing toward the support I flagged in yesterday’s note, the blue line down near 7,100. If the war headlines keep landing, it can gap straight into that zone. This is a market that has handed back weeks of gains in three sessions, so treat any bounce with suspicion until it actually reaches support and holds.
